System and method for spend management and investment of funds

Abstract

A transaction management method and system are providing for managing disposition of funds for system users based on account activity. The method stores account data for the system users and instructions and at least a downloadable mobile application, The method receives through an interface over a network, an indication of account activity by the system user and determines a type of account activity. The method further identifies identifying a spending category for the account activity and performs an accounting for the spending category to determine if the account activity is indicative of system user underspending. The method further includes investing calculated underspending. An investment card may be utilized.

The invention claimed is: 
     
       1. A transaction management system for managing disposition of funds for system users based on account activity, the system comprising:
 a computer memory storing account data for the system users and instructions and at least a downloadable mobile application, wherein the downloadable mobile application is downloadable over the Internet for installation on a system user mobile device; 
 an interface for receiving parameters entered by the system users through the downloadable mobile application on the system user mobile device or through a website for storage in the computer memory; 
 a computer processor accessing the computer memory and executing the instructions to perform operations including:
 receiving, through the interface over a network, an indication of account activity by a system user; 
 determining a type of account activity; 
 identifying a spending category for the account activity; 
 determining prior spending of the system user for the identified spending category; 
 determining a forecast of total spending in the identified spending category based on the determined prior spending and the account activity, the forecast including predicted spending for a predesignated time period; 
 determining whether the account activity is indicative of system user underspending in the identified spending category by comparing the forecast to a predetermined budget corresponding to the identified spending category; 
 generating a first push notification to the system user mobile device when the account activity is indicative of underspending, the first push notification offering an investment option to the system user and including an interactive interface prompting the system user to accept or decline an investment of an underspent amount; 
 generating a second push notification to the system user mobile device when the account activity is not indicative of underspending, the second push notification including an accounting update; and 
 generating a third push notification that includes budget data to the system user mobile device following at least one from among the first push notification and the second push notification, the budget data including an average consumer spending of a plurality of consumers in a geographic location and in a salary range; 
 
 predictive analytics to perform the forecast of total spending in the identified spending category during the predesignated time period based on the stored user account data; 
 geolocation processing tools that include at least one from among a global positioning system, a near field communication system, and a location beacon interacting with the predictive analytics to perform the forecast based on a current location and based on previous transactions at that location; and 
 a website accessible to the system user, wherein at least one of the first push notification and the second push notification contains a unique URL of the website allowing the system user to access the account activity thereof. 
 
     
     
       2. The system of  claim 1 , wherein the types of account activity include at least cash withdrawals and purchases. 
     
     
       3. The system of  claim 1 , further comprising receiving over the network from the system user, selection of an investment option and directing investment based on the selection. 
     
     
       4. The system of  claim 3 , wherein when an account activity includes a cash withdrawal, the spending category is determined by generating a third push notification to the mobile device of the system user and receiving user input in response to the third push notification. 
     
     
       5. The system of  claim 1 , wherein the computer processor is further configured to track system user spending by category and to calculate underspending. 
     
     
       6. The system of  claim 1 , further comprising a mobile app communicator for receiving information from the system users entered through the downloadable mobile application on the system user mobile device. 
     
     
       7. The system of  claim 1 , wherein the computer processor is further configured to invest the forecast underspent amount before an end of an accounting period. 
     
     
       8. A transaction management method for managing disposition of funds for system users based on account activity, the method comprising:
 storing account data for the system users and instructions and at least a downloadable mobile application in a computer memory, wherein the downloadable mobile application is downloadable over the Internet for installation on a system user mobile device; and 
 accessing the computer memory using a computer processor and executing the instructions to perform operations including:
 receiving, through an interface over a network, an indication of account activity by a system user; 
 determining a type of account activity; 
 identifying a spending category for the account activity; 
 determining prior spending of the system user for the identified spending category; 
 determining a forecast of total spending in the identified spending category based on:
 the determined prior spending and the account activity by using predictive analytics, and 
 a current location and previous transactions at that location by using geolocation processing tools that include at least one from among a global positioning system, a near field communication system, and a location beacon, 
 wherein the forecast includes a predicted spending for a predesignated time period; 
 
 determining whether the account activity is indicative of system user underspending in the identified spending category by comparing the forecast to a predetermined budget corresponding to the identified spending category; 
 generating a first push notification to the system user mobile device when the account activity is indicative of underspending, the first push notification offering an investment option to the system user and including an interactive interface prompting the system user to accept or decline an investment of an underspent amount; 
 generating a second push notification to the system user mobile device when the account activity is not indicative of underspending, the second push notification including an accounting update; and 
 generating a third push notification that includes budget data to the system user mobile device following at least one from among the first push notification and the second push notification, the budget data including an average consumer spending of a plurality of consumers in a geographic location and in a salary range, 
 
 wherein at least one of the first push notification and the second push notification contains a unique URL of a website allowing the system user to access the account activity thereof. 
 
     
     
       9. The method of  claim 8 , wherein the types of account activity include at least cash withdrawals and purchases. 
     
     
       10. The method of  claim 8 , further comprising receiving over the network from the system user, selection of an investment option and directing investment based on the selection. 
     
     
       11. The method of  claim 10 , wherein when an account activity includes a cash withdrawal, the spending category is determined by generating a third push notification to the mobile device of the system user and receiving user input in response to the third push notification. 
     
     
       12. The method of  claim 8 , further comprising receiving parameters entered through the interface entered by the system users through the downloadable mobile application on the system user mobile device or through a website for storage in the computer memory and using the parameters to track user spending by category. 
     
     
       13. The method of  claim 8 , further comprising receiving information from the system users entered through the downloadable mobile application on the system user mobile device. 
     
     
       14. The method of  claim 8 , wherein the computer processor is further configured to invest the forecast underspent amount before an end of an accounting period.